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Imposition of Compound on Registrants who fail to make GST payments within a prescribed period Registrants who still have outstanding tax in the year of 2015 will be given until 31 October 2016 to pay the outstanding amount. Failure to do so will be imposed a compound to the maximum amount of RM 20,000. Registrants…
GOODS AND SERVICES TAX (GST) AUDIT FRAMEWORK Need more insight information? Feel free to contact 3E Accounting for us to assist in getting yourself prepared and ready for the GST audit. Prevention is always better than rectification. Get the right GST agent like 3E Accounting and you will not need to worry about the GST…
RM88.4 Billion Worth of Investments Approved In 1H2016 The approved direct investments in the services, manufacturing and primary sectors in the first half of 2016 (1H2016), totalled RM88.4 billion compared with RM125.9 billion in the same period last year. The investments approved in 1H2016 were in 2,499 projects, and are expected to generate more than…
Hire illegals and we will freeze assets, warns Immigration On 13 September 2016, DG says Immigration Dept will start using full provision of law to punish employers who flout law by hiring and protecting illegal foreign workers. Pointing to a provision under Section 56(1) of the Immigration Act, the department’s director-general Mustafar Ali said the…
Reminder for register online business with SSM Many people dabble in business online to supplement their income, but did not register company or business with the Companies Commission of Malaysia (SSM) to avoid Inland Revenue Board queries. This is an offence punishable under the Registration of Businesses Act. For those who make use of social…
Customs Department to audit GST-registered firms from Sept 1 The Royal Malaysian Customs Department will launch the Customs Blue Ocean Strategy Operation (Ops CBOS) in phases from Sept 1 to audit companies registered for the Goods and Services Tax (GST). Director Datuk Seri Khazali Ahmad said that about 50,000 companies have been identified in the…
Notification on GST 03 return amendment In accordance with Regulation 69 of the GST Regulation 2014, with effect from 23 August 2016, rules on return amendments are as follows: 1) there is no limit on return amendments until due date of submission of return. 2) amendments are allowed once within 30 days (for monthly taxable…
GST changes for Disbursement and Reimbursement The RMCD has issued the amendment to Decision by Director General No. 5/2015 in relation to disbursement and reimbursement. The above-mentioned document was published by the RMCD at the time. GST has since been replaced by the Sales and Service Tax (SST), effective 1 September 2018. Related Link…
Tax Clearance Letter (SPC) Application for Companies, LLP and Labuan Entities This guideline specifies the method of Tax Clearance Letter (SPC) application for corporate taxpayers, LLP and Labuan entities (Labuan companies & Labuan LLP). Click here to download the guide. Related Link Corporate Tax Compliance & Planning Services
MASB issues amendments to Share-based Payment Standards The Malaysian Accounting Standards Board (MASB) has today issued amendments to MFRS 2 Share-based Payment with regards to classification and measurement of share-based payment transactions (the Amendments). The Amendments is word-for-word the Amendments to IFRS 2 issued by the International Accounting Standards Board (IASB). The Amendments provides specific…